ETF Evaluator:
Peerless Option Income Wheel ETF (WEEL)
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(as of Nov 06)
Best Performing in Derivative Income - Diversified Over the Last Year
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ETF Details
Peerless Option Income Wheel ETF Overview
Peerless Option Income Wheel ETF (WEEL) is an actively managed Nontraditional Equity Derivative Income - Diversified exchange-traded fund (ETF). Peerless ETFs launched the ETF in 2024.
The investment seeks current income.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks current income. The fund’s strategy consists of two main components: firstly, investing in a range of sector-specific ETFs and, in some instances, individual securities; and secondly, implementing an “option wheel strategy.” The option wheel strategy focuses on writing options on the fund’s holdings in these sector-based ETFs and individual securities. The fund is non-diversified.
About Peerless Option Income Wheel ETF (WEEL)
There are 4 members of the management team with an average tenure of 1.91 years: Andrew (Andy) Hicks (2026), Qiao Duan (2024), Erik Thompson (2024) and Robert Pascarella (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Peerless Option Income Wheel ETF has 48 securities in its portfolio. The top 10 holdings constitute 71.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Peerless Option Income Wheel ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Peerless Option Income Wheel ETF has 16.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 39.7% There is 16.0% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Peerless Option Income Wheel ETF has 27.9% of the portfolio in cash.
Assets Under Management
The fund has $48 million in total assets, which is below the $1 billion average for the Derivative Income - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
WEEL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Peerless Option Income Wheel ETF expense ratio is high compared to funds in the Derivative Income - Diversified category. Peerless Option Income Wheel ETF has an expense ratio of 0.99%, which is 35% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Peerless Option Income Wheel ETF has a portfolio turnover rate of 638%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Derivative Income - Diversified category.
Recently, in the month of October 2026, Peerless Option Income Wheel ETF returned -1.3%, which earned it a grade of D, as the Derivative Income - Diversified category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Peerless Option Income Wheel ETF has a trailing yield of 13.05%, which is above the 6.26% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Peerless Option Income Wheel ETF Grades
Year to date, the ETF has returned 7.8%, 1.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.4% over the past year (grade of D).
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WEEL Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| WEEL Return (NAV) | -1.3% | 0.7% | 9.4% | na | na | na |
| WEEL Return (Price) | -1.3% | 0.5% | 9.2% | na | na | na |
| NAV +/- Price Return | -0.016% | 0.184% | 0.294% | na | na | na |
| Derivative Income - Diversified Avg | -2.0% | 0.9% | 10.1% | 16.5% | 8.1% | 8.1% |
| WEEL Grade (NAV) | D | D | D | na | na | na |
| +/- Category (NAV) | 0.6% | -0.3% | -0.6% | na | na | na |
| WEEL Tax-Cost Ratio | na | na | 5.0% | na | na | na |
WEEL Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| WEEL Return (NAV) | 7.8% | 16.7% | na | na | na | na | na | na | na | na | na |
| WEEL Return (Price) | 6.7% | 17.7% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.137% | 0.057% | na | na | na | na | na | na | na | na | na |
| Derivative Income - Diversified Avg | 8.9% | 13.8% | 15.9% | 16.3% | -11.8% | 19.1% | 3.7% | 19.2% | -5.9% | 14.0% | 7.1% |
| WEEL Grade (NAV) | D | B | na | na | na | na | na | na | na | na | na |
| +/- Category | -1.1% | 2.9% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 13.1% |
| Total Assets: | $ 49 Mil |
| Share Class Assets: | $ 49 Mil |
| Turnover: | 638.0% |
| Expense Ratio: | 0.99% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 2.5 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Duan Qiao (2024), Thompson Erik (2024), Pascarella Robert (2024), Hicks Andrew (Andy) (2026) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 71.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 16.0% |
Portfolio Allocation |
|
| Domestic Stock: | 39.7% |
| Foreign Stock: | 16.0% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 16.4% |
| Cash: | 27.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Peerless ETFs |
| Phone Number: | 844-408-8111 |
| Website: | |
| Inception Date: | May 15, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.99% (Rating: High) |
| Category Average Expense Ratio (%): | 0.73% |
